Washington, D.C. – U.S. Rep. Randy Hultgren (IL-14) today released the following statement regarding a recent report stating that the United States’ credit rating will likely be downgraded by another ratings agency before the end of 2011.

“The news that the United States’ sovereign debt rating may be downgraded by another agency before the end of the year is a stark reminder of the Senate’s failure to pass the Cut, Cap and Balance Act in July,” said Hultgren. “I believed then – and still believe now – that the commonsense Cut, Cap and Balance Act was the only way to preserve our nation’s sterling credit rating.”

The House passed H.R. 2560, the Cut, Cap and Balance Act, on July 19th by a bipartisan vote of 234-190. Congressman Hultgren was an original cosponsor of the bill.

Congressman Hultgren’s floor speech in support of the bill is available here.